Nigeria has signed a $3.3 billion agreement with China to develop the Brass Industrial Park and Methanol Complex, according to a statement from the Ministry of Finance, issued by its Director of Information and Public Relations, Mohammed Manga, on Friday.
The agreement was finalized during the 2024 Forum on China-Africa Cooperation (FOCAC) and the inaugural China-Nigeria Economic Cooperation and Trade Conference. The Brass Industrial Park is anticipated to significantly enhance Nigeria’s industrial capacity and create essential employment opportunities.
“In a landmark event chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Nigeria and China have strengthened their commitment to deepening economic cooperation, enhancing bilateral relations, and fostering sustainable development,” the statement read.
The conference underscored South-South cooperation’s importance in achieving Nigeria’s sustainable development goals. Mr. Edun also highlighted President Bola Ahmed Tinubu’s focus on creating a business-friendly environment to attract investment in critical sectors like infrastructure, energy, and industry.
One of the conference’s key outcomes was the signing of the $3.3 billion agreement to establish the Brass Industrial Park and Methanol Complex. This project is expected to dramatically boost industrial output and create significant job opportunities in Nigeria.
Discussions at the conference also centered on infrastructure development, a cornerstone of the China-Nigeria partnership, with both nations reaffirming their commitment to joint projects such as roads, bridges, and energy systems to drive Nigeria’s long-term economic growth.
Additionally, financial and security cooperation was addressed, with both countries agreeing to enhance intelligence sharing to combat financial crimes, marking a crucial step in ensuring a transparent and secure financial environment.
Mr. Edun emphasized President Tinubu’s bold economic reforms, aimed at steering the country toward sustainable growth, leveraging both domestic resources and international partnerships like those with China to bring tangible benefits to Nigerians.
As the conference concluded, Nigeria and China emerged with a strengthened mutual commitment to continued collaboration and dialogue. The $3.3 billion agreement sets the stage for transformative growth, job creation, and sustainable development, advancing both Nigeria’s economic goals and China’s Belt and Road Initiative. This historic partnership is poised to propel Nigeria’s economic agenda forward while solidifying the bond between the two nations.